Insight into the Spanish property market, guides to help you make informed decisions, and a directory of real estate professionals and home service providers from a source you can trust.
This is a website for buyers, owners, and sellers of property in Spain, offering reliable information and resources to help you get things done with confidence. It is run by Mark Stücklin, author of the Spanish Property Doctor Column in The Sunday Times (2005-2008), and the book ‘Need to Know: Buying Property in Spain’ published by Collins.
When you buy or sell property in Spain the sums of money are large, perhaps one of the biggest financial decisions of your life. The high transaction costs you will face like taxes and commissions only make the decision more important to get right. And when you own property in Spain you face a host of extra challenges to manage, and costs to control. Unfortunately, the Spanish property market is opaque and full of pitfalls, and notoriously unprofessional. Buying and selling property in Spain is not a decision to be taken lightly, and you may find it much easier to buy than sell if you don’t take care. In this market it is crucial to do your own research, and don’t rely exclusively on people who are trying to sell you something – let’s just say they might not have your best interests at heart. Spanish Property Insight is the only independent source of information and analysis of the Spanish property market. Don’t even think about buying or selling property in Spain without subscribing to Spanish Property Insight.
Jaime Echegoyen, The President of the Sareb – Spain’s so called Bad Bank – says there are emerging signs of stability in the Spanish property market, but only in certain segments.
As President of the Sareb “Bad Bank” – the institution in Spain with the most property and related assets to sell – Jaime Echegoyen has a bird’s eye view of the Spanish property market. Speaking at a recent conference organised by Europa Press and Servihabitat – a real estate servicer – Echegoyen said that 2014 was a watershed year, marking a “before and after” for the Spanish real estate sector.
“We are beginning to see cranes again,” he observed, whilst stressing that building activity is nowhere near the level reached before the crisis, a level that he was at pains to point out “will never be reached again.”
Admitting that “Clear signs of stability are starting to appear, with recovery in some parts of Spain and types of assets,” Echegoyen also stressed that there is no cause to “jump with joy.”
“It all depends where you look,” he went on to say. Recovery is well underway in prime Barcelona and Madrid, but “there are many other places where that [recovery] is not happening.”
Echegoyen warned against nostalgia for the boom years, when the real estate sector accounted for 15% of GDP, which he argues will never be repeated. “Forget those ‘glorious years’ because, amongst other things, they put us where we are now.” In many ways the boom years were a disaster for Spain.
On the other hand, he also pointed out that the market today is still a long way from a normal level for a country the size of Spain. “When you look at the averages, we are a long way from reasonable prices and transaction levels,” he said.
Asked if he thought there was a risk of another property bubble in Spain, Echegoyen said that bankers have “learnt from their mistakes,” suggesting they will never again inflate a property bubble with reckless lending.
Also present at the talk was Julián Cabanillas, head of Servihabitat (La Caixa) – a bank real estate servicer – who agreed the real estate market is “starting to stabilise by zones.” He reported that demand for second homes, in particular, is growing, cranes are starting to appear again on construction sites, and over the last year and a half land sales are taking place “at an ever increasing pace.”
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